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OpenStudy (dumptybaby):
A person borrows $6000 and agrees to repay the loan in monthly instalments over a period of 5 years. The agreement is to pay 1% of the unpaid balance each month for using the money and $100 each month to reduce the loan. What is the total cost of the loan over the 5 years? Please help me with this and explain to me what you've done! Thanks :)
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